Superb year sees Montanaro European 18.5% ahead of index – Montanaro European Smaller Companies has published its annual results covering the period to 31 March 2019. In a year where the MSCI Europe SmallCap (ex UK) Index (in sterling terms) declined by -6.3%, the net asset value rose by 12.2% to 1,010.8p per share. In total return […]
BMO Global Smaller Companies announces share split – BMO Global Smaller Companies has published results for the year ended 30 April 2019. The trust beat its benchmark (the MSCI All Country World ex UK Small Cap Index and the Numis UK Smaller Companies (excluding investment companies) Index in a 70/30% proportion), returning 3.8% in NAV terms […]
Impact Healthcare REIT buys York care home – Impact Healthcare REIT has acquired Birchlands Nursing Home for a net consideration of GBP3.9 million. The initial rent will be GBP300,000. Birchlands is a purpose-built nursing home located on the outskirts of York with 51 bedrooms. It currently has 100% occupancy and is rated Good by the CQC […]
In QuotedData’s other news 19 June 2019 Summit Properties has sold an office building in Germany for €225m, 7.9% above its €208.6m valuation as at 31 December 2018. The property’s annual rental income as of 31 December 2018 totaled €4.62m, reflecting a rental yield of 2.1%. Regional REIT announced a number of new lettings, reporting 11.6% higher […]
Trust favourite Vertex holds industry’s most valuable R&D asset Investment trust favourite Vertex Pharmaceuticals (Nasdaq: VRTX) holds the pharma/biotech industry’s most valuable R&D asset, according to calculations from the industry consultancy Evaluate. The US firm’s triple therapy of VX-445/tezacaftor/ivacaftor, which is in Phase III studies for cystic fibrosis and on track for a launch next […]
Picton issue flops – Picton Property Income’s placing, which was announced on 12 June and trailed in its results announcement, has failed to raise its target. The company said it had identified important asset management initiatives “20 separate asset management initiatives… with total costs of approximately GBP15 million“, which it wanted to progress further over the short […]
After the downpours of the last few weeks it might be easy to forget how sunny it was last year – NextEnergy Solar generation 9% above budget – NextEnergy Solar results for the year ended 31 March 2019 show: A net asset value per ordinary share of 110.9p (2018: 105.1p); Ordinary shareholder total return 11.8% (2018:6.2%); […]
Yellowcake benefits from higher uranium price – Yellowcake has published results covering the year to the end of March 2019. Highlights are: Net asset value of USD2.93 (GBP2.25) per share as at 31 March 2019; Value of underlying U(3) O(8) has increased by 22% to USD217.4 million as at the end of March 2019 relative […]
RDL Realisation accounts published – RDL Realisation has just published accounts for the year ended 31 December 2018, somewhat later than is normal – hence the need to suspend their shares while the accounts were being finalised. Since the AGM on 19 June 2018 (when the wind up strategy was adopted), the company has returned […]
JPMorgan US Smaller Companies cuts fees – JPMorgan US Smaller Companies says that, following a review, the investment management fee arrangements with JPMorgan Funds Limited will change. With effect from 1st July 2019, the annual investment management fee, currently 100bps (1%) of gross assets, will be charged at an annual rate as detailed below: 90bps (0.9%) […]
In QuotedData’s other news 18 June 2019 Primary Healthcare Properties is launching a £150m convertible bond issue and using the money to repay its £75m, 5.375% senior unsecured bonds due 2019. The new convertibles will mature in July 2025, issued at par and are expected to carry a coupon of between 2.625% and 3.125% per annum payable […]
Aberdeen Standard European Logistics buys Dutch warehouse – Aberdeen Standard European Logistics Income has signed an agreement to acquire a freehold logistics warehouse in ‘s-Heerenberg, The Netherlands, for a net value of EUR24.0 million providing an expected net initial yield of 5.0%. The transaction is expected to close in July 2019. This is a freehold facility providing […]
Incyte details positive outcome of topical rux in vitiligo Trust favourite Incyte (Nasdaq:INCY) saw its stock rise by 5% today after reporting positive results of a Phase II study of ruxolitinib cream in the treatment of vitiligo (a condition characterised by de-pigmentation of skin) at a scientific conference over the weekend. Incyte, which is held by […]
Trust favourite Array acquired by Pfizer US cancer focussed biotech Array BioPharma (NASDAQ: ARRY) has accepted a $48 per share cash takeover offer from Pfizer, a 62% premium of its closing price on Friday and equivalent to an enterprise value of $11.4bn (market cap less net cash). Array, whose stock rose by 56% this morning, […]
In QuotedData’s other news 17 June 2019, Tritax Big Box REIT has entered into a new £200m unsecured revolving credit facility at a margin of 1.1% over LIBOR. The facility has a five-year life but can be extended for two more years. We also have an update on Leaf Clean Energy‘s court case
Chancery Court awards Leaf $114.5m in Invenergy case – On 3 May 2019, Leaf announced that the Delaware Supreme Court reversed the Court of Chancery’s prior award of $1 in nominal damages to Leaf as a result of Invenergy Renewables LLC’s breach of the parties’ limited liability company agreement. The Supreme Court held that Leaf was […]
Martin Currie Asia Unconstrained and unimpressive – Martin Currie Asia Unconstrained has published results covering the year ended 31 March 2019. Five years ago, the trust took the unusual decision to benchmark itself against Asian GDP growth rather than Asian equity markets. Since the Asia Long-Term Unconstrained mandate was adopted on 1 August 2014, the NAV has […]
Alpha Real Trust announces tender alongside results – Over the year to 31 March 2019, Aplha Real Trust’s NAV rose from 172.9p to 204.3p. The quarterly dividend has been upped to 0.8p from 0.6p. The company sold its Frankfurt data centre site for EUR44.8 million and the Monk Bridge, Leeds Private Rented Sector residential site […]
In QuotedData’s other news 14 June 2019: Utilico Emerging Markets has published its annual report covering the year ended 31 March 2019. In a year where the MSCI Emerging Index delivered a zero return, the trust at least managed some positive performance, generating an NAV return of 3.5%. Shareholders also benefited from a narrowing discount. The […]
Tritax EuroBox buys a logistics facility near Frankfurt – Tritax EuroBox has bought a prime, modern logistics facility near Frankfurt in Germany for a total consideration of EUR50.6 million, reflecting a net initial yield of 4.75%. This is a new, well specified, purpose-built facility has a gross internal area of c.43,000 sqm, an eaves height of […]
Trian Investors 1 invests in Ferguson – Trian Investors 1, which was set up to invest in a single stock and engage with stakeholders to improve the stock’s value, has finally made its move, acquiring a stake in Ferguson. Funds managed by Trian Fund Management, L.P. and Trian Investors Management, LLC, including the fund through […]
Syncona to step up capital deployment after great year – Syncona has announced a whopping 37.9% return on NAV for the year ended 31 March 2019. It has transformed its portfolio so that life sciences investments now account for £1.06bn of the fund’s £1.46bn NAV. Some highlights: foundation of three highly innovative portfolio companies OMASS Therapeutics […]
In QuotedData’s other news 13 June 2019 – Augmentum Fintech made follow on investments totalling £8.5m in three of its portfolio companies – Tide, Monese and Duedil. BBGI has topped up its investment in the A1/A6 road project in the Netherlands. The project was part of the Schiphol-Amsterdam-Almere expansion and involved the reconstruction and widening of a […]
John Laing Environmental Assets has released results for the year ended 31 March 2019. Over that period, the NAV rose from 99.6p to 104.7p; the trust met its 6.51p dividend target and announced a 6.66p target for the current financial year. The dividend was covered 1.2x by cash flow generated by the portfolio. The chairman […]
Edinburgh board sticking by Mark Barnett – Edinburgh Investment Trust generated a 2.9% return on NAV over the year ended 31 March 2019, 3.5% behind the return on the All-Share Index. The return to shareholders was 4.6%, aided by a small narrowing of the discount to 7.6%. The dividend for the year is 28p, up 5.3% […]
Monks outperforms again as Douglas McDougall bows out – Monks beat its benchmark over the year to the end of April 2019, returning 12.0% in NAV terms against 11.7% for the World Index. The share price total return for the same period was 12.7%. A single final dividend of 1.85p is being recommended, compared to 1.40p last year. […]
Lindsell Train reiterates premium health warning – Lindsell Train has published results for the year ended 31 March 2019. The company uses “The annual average running yield on the longest-dated UK government fixed rate bond (currently UK Treasury 3.5% 2068) calculated using weekly data, plus a premium of 0.5%, subject to a minimum yield of 4.0%.” […]
In QuotedData’s other news 12 June 2019 – Picton Property Income plans to raise money via a placing of shares at 94.5p, a discount of 2.4% to the closing share price on 11 June 2019 and a premium of 1.9% to the last reported EPRA NAV as at 31 March 2019 of 92.7p. The money will be used […]
Hipgnosis buys catalogue from Sam Hollander – Hipgnosis Songs Fund Limited has acquired a music catalogue from Sam Hollander, an American songwriter and producer whose songs have achieved 10 number 1, 47 top 5 and 74 top 10 chart positions globally. Sam Hollander has co-written multi-platinum certified hit songs for Fitz and the Tantrums, One Direction, […]
Augmentum Fintech off to a good start – Augmentum Fintech has published its first set of accounts covering the period from launch to 31 March 2019. The NAV immediately after launch was 99p, at the end of the period it stood at 109.6p. The shares were trading at a small premium to that level. The […]
